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Full earnings analysis

Research updated: Jul 11, 2026, 12:00 AM UTC

UnitedHealth Group (UNH) 2026 Q1

For the quarter ended March 31, 2026, UnitedHealth Group reported performance supported by prior operating actions, while Medicare Advantage and Medicaid membership attrition and elevated Optum Health medical costs remained important pressures.

Reported outcomes

Revenue
$111.7 billion
Up 2% year over year from $109.6 billion
Adjusted earnings per share
$7.23
$7.20 in Q1 2025
Medical care ratio
83.9%
84.8% in Q1 2025
UnitedHealthcare operating earnings
$5.7 billion
$5.2 billion in Q1 2025

Management guidance

  • UnitedHealth Group raised its full-year 2026 outlook to earnings above $17.35 per share and adjusted earnings above $18.25 per share.

Risks that still need monitoring

  • Membership attrition

    Medicare Advantage and Medicaid membership attrition can reduce premium revenue and volume across UnitedHealthcare and Optum.

  • Elevated medical costs

    Elevated medical costs continue to pressure Optum Health margins and could outpace repricing actions.

  • Investment pressure

    Continued investment in people, technology, and products is weighing on Optum Insight and Optum Rx earnings.

Market reaction

+9.29%

2026-04-20 $323.48 → 2026-04-22 $353.52

Method: previous trading-day close to the first full trading-day close after the announcement.

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Primary sources

UnitedHealth Group Reports First Quarter 2026 ResultsUnitedHealth Group · earningsVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 21, 2026, 12:00 AM

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UnitedHealth Group Investor RelationsUnitedHealth Group · companyVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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UnitedHealth Group Form 10-Q for the Quarter Ended March 31, 2026UnitedHealth Group · filingVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 21, 2026, 12:00 AM

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UNH editorial research profileAlphaVue Research · editorialVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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